IMF Executive Board Approves a 40-month, US$1,046.4 million ECF Arrangement for Tanzania

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The International Monetary Fund’s board approved a $1.05 billion extended credit facility for Tanzania and plans to disburse $151.7 million immediately.

The financing is the nation’s first IMF policy-reform funding program in a decade and comes after the Washington-based lender raised Tanzania’s risk of debt distress to moderate from low in September.

President Samia Suluhu Hassan told Bloomberg in March that her government was seeking IMF funding in a switch to more concessional loans to reduce the risk of debt distress for the $69.4 billion economy. 

The 40-month package will assist with economic recovery and help address the repercussions of Russia’s invasion of Ukraine on the East African nation.

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